As growth in the life sciences sector hits historic levels, demand for lab space across major US cities has exploded.  And that in turn has driven up rents and occupancy in key markets, as the construction pipeline struggles to keep pace.

"Coupled with strong capital flows, life sciences companies have increased their footprint in most markets, driving up rents and increasing occupancies," says a new report from Cushman & Wakefield looking back at the sector's performance during the first quarter. "This uptick has attracted more jobs and more talent to the sector as evidenced by the growth of employment."

The current construction pipeline for life sciences lab space sits at 17.1 million square feet (msf), or 10.7% of current inventory, according to Cushman & Wakefield data. Boston has the largest labor pool and inventory there is set to grow the most of all markets Cushman tracks, with over 9.6 msf of lab space currently under construction, followed by San Francisco Bay Area (2.9 msf) and San Diego (2.3 msf).